“Single purpose vehicles”, we sometimes come across special situations that warrant consideration for over-weight or fall outside the mandate of our current offerings. In such cases we will organize separate pools of capital to exploit these opportunities.

Gramercy Argentina Funds

• Gramercy conceived, organized and anchored the reverse inquiry exchange offer launched in April 2010 for the approximately $20 billion of defaulted Argentine sovereign debt outstanding.
• Gramercy believes the template of the reverse inquiry can serve as a model for sovereign restructurings in the future.
• Other sovereign nations may well follow this same path whereby a private market solution is the most efficient and effective path to debt restructuring and re-accessing the capital markets.

Gramercy Mexico NPL Funds

• Gramercy principals had invested in several small non-performing loan portfolios in 2002-03, before bringing the opportunity to clients and launching two funds and a large managed account in 2004 and 2005.
• Gramercy worked with a small local loan servicing platform called Pendulum to service the non performing loan portfolios, eventually strategically buying into Pendulum to control its resources and ultimately growing it from 30 staff in 1 office to 16 pan-Mexico offices and over 500 employees.
• Gramercy/Pendulum is the largest foreign-owned mortgage servicer in Mexico, and second overall only to local bank Banorte.